Microsoft boss Bill Gates has lost his title as the world’s richest man to a telecommunications magnate from Mexico, according to a new report.

The fortune of Carlos Slim Helu this year reached 67.8 billion – U.S. dollars, not pesos – handily topping Gates’ net worth of $59.2 billion, according to the Mexican business mag Sentido Comun.

Slim vaulted to the top of the world’s richest list thanks to his ownership of the America Movil group, which has a stranglehold on the Mexican phone industry.

According to some reports, he earned $2.2 million per hour at some points last year.

And you don’t have to be south of the border to have done business with Slim. If you’ve ever bought anything from CompUSA, MCI or Saks Fifth Avenue – in which he holds major positions – you’ve helped fill the coffers of the cigar-chomping Mexican, whose net worth is equal to 8 percent of Mexico’s gross domestic product.